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The Premier Name in Real Estate185 Clinton Avenue, Cortland, NY 13045
(607) 753-9644For a complete list of homes for sale, visit:www.yaman.com
HOURS:MON.-FRI. 8AM-6PM,
SAT. 9AM-1PMOR CALL FOR AN APPOINTMENT!
LindaMuirhead
Salesperson423-4256AGENT OF
THE MONTH
BillWhite
Assoc. Broker745-2754
JamieYaman
Principal Broker423-1369
SteveCinquantiAssoc. Broker/
Commercial Sales423-7800
KathieWilcox
Assoc. Broker423-2638
TracyKoenig
Salesperson423-9745
KarinaMurphy
Salesperson379-9815
SandyLudwig
Assoc. Broker745-5181
NickiWynn
Assoc. Broker745-3942
Constance Mack
Assoc. Broker745-8802
Denise B.Allen
Assoc. Broker, ABR280-3151
RJCalale
Salesperson423-5233
IngridDunham
Salesperson591-9216
Well priced 2-familywith yard and barn.
MLS #S0000871.$59,900
Call Tim Alger
CORTLAND
Care-free ranch located on deep lot.
MLS #S0001028.$119,000
Call Joan Plew
CORTLANDVILLE
Great large home w/a huge yard, porch and rooms. MLS #S361208.
$124,900Call Tim Alger
CINCINNATUS
Nice ranchw/convenient location.
MLS #S361171.$95,000
Call Linda Muirhead
CORTLANDVILLE
Brand new living,great price.
MLS #S0000975.$119,900
Call Pamela Cullip
CINCINNATUS
Breath-taking views, charming home.MLS #S355324.
$97,000Call Pamela Cullip
MARATHON
So much room in this well maintained 4BR/2BA home.
MLS #S335449.$89,900
Call Tracy Koenig
MARATHON
Custom built home situated on over 5 acres.
MLS #S349671$416,000
Call Jamie Yaman
CORTLANDVILLE
Executive ranch, 8.5 acres, privately located.
MLS #S353707.$399,000
Call Tracy Koenig
CORTLANDVILLE
Turn-key training or boarding facility.
MLS #S356270.$212,000
Call Bill White
VIRGIL
Rear deck perfect for entertaining or lounging.
MLS #S356703.$133,000
Call Jamie Yaman
VIRGIL
Year-roundrecreational living.
MLS #S357020.$244,900
Call Pamela Cullip
WILLET
New features and hardwood floors.MLS #S359094.
$194,900Call Pamela Cullip
CORTLAND
Well-maintained and great price!MLS #S360179.
$59,900Call Jamie Yaman
CORTLAND
Quiet country setting w/public water supply.
MLS #S355029.$129,900
Call Connie Mack
SCOTT
Generous rooms, excellent condition.
MLS #S355049.$169,000
Call Sandy Ludwig
CORTLANDVILLE
Terrific 2-story in aconvenient city location.
MLS #S355223.$74,900
Call Nicki Wynn
CORTLAND
Quality andcharm.
MLS #S356137.$339,000
Call Connie Mack
HOMER
Large kitchen, deck, fenced yard, porch and more.MLS #S356539.
$114,900Call Tim Alger
CORTLAND
Nice country ranch style home on 10+ acres.MLS #S357696.
$143,900Call Sandy Ludwig
CINCINNATUS
Affordable countryproperty.
MLS #S333721.$69,900
Call Bill White
TAYLOR
So much character. A must see!
MLS #S358834.$139,900
Call Kathie Wilcox
HOMER
3BR, 2 full bathin a wooded area.
MLS #S356164.$84,900
Call Pamela Cullip
CORTLANDVILLE
A true“chef’s” kitchen.
MLS #S360392.$365,000
Call Jamie Yaman
LAPEER
Huge lot in the villageof Marathon.
MLS #S355253.$64,900
Call Pamela Cullip
MARATHON
Great location, yard and well-maintained 4BR home.
MLS #S357815$242,900
Call Tim Alger
CORTLANDVILLE
Great opportunity for first time home buyers.
MLS #S358142.$89,900
Call Sandy Ludwig
CORTLAND
Uniqueopportunity!
MLS #S358229.$73,000
Call RJ Calale
HARFORD
Affordable property on the lake.
MLS #S358179.$119,900
Call BIll White
PREBLE
JoanPlew
Assoc. Broker275-7072
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Great owneroccupied home.MLS #S0000968.
$109,000Call Tim Alger
CORTLAND
4BR,huge layout.
MLS #S355256.$159,900
Call Pamela Cullip
SOLON
TimAlger
Assoc. Broker423-6174
PamelaCullip
Salesperson261-0439
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Pricedto move!
MLS #S358407.$59,000
Call Tim Alger
SOLON
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EstateCortland Standard
EstateEstateRealThursday,
September 15, 2016
Featured Featured Featured ListingsListingsListings
YamanReal Estate
HageReal Estate
HeritageRealty
RealtyUSA
Featured HomeSpectacular views... from this custom-built contemporary on 95 acres. Great to entertain both indoors and out. 19’ ceilings in open great room/dining/kitchen. In-ground pool w/covered patio,sound system, built-in grill, kegerator and fridge. Interior highlights: Cerdomus tile, cherry & maple radiant heated �oors, artist-glazed wall treatments, 10’ ceiling in bedrooms and hallways, spacious kitchen. Lower level craft room w/built-ins plus upper level office overlooking countryside. $599,000. Call Connie Mack, Lic. Assoc. RE Broker, at (c) 607-745-8802 for more information and/or an appointment. For more listings see our ad below.
– 6243 Howell Rd., Summerhill
The Cortland County Board of Realtors® —
The Voice of Real Estate
September 2016
Most people can relate to the complica-tions and complexities involved with mov-ing. Whether you’re relocating to a recently purchased apartment or a starter home, re-settling takes time, effort and planning.
Moving with kids requires even more planning and research. Finding a home with the appropriate amount of space, in your preferred school district, and convenient to a job or school location are often priorities for buyers with families.
According to the National Association of Realtors Profi le on Home Buyers and Sell-ers, eight in 10 home buyers worked with an agent to purchase a home in 2015. Agent use is even higher among buyers ages 36 to 50 (87 percent) and 35 and younger (89 per-cent) - the demographics most likely to have school-aged children.
“Fifty-three percent of families with chil-dren under the age of 18 reported that the
hardest task in the home search process was fi nding the right property in the right loca-tion,” said Jason Hage, CCBR President. “Families fi nd themselves needing a real estate professional with a wealth of local market knowledge, hands on attention and a broad range of resources to help fi nd the right home.”
Families with children under the age of 18 often times have a greater urgency to sell their home too. Twenty-four percent of sellers had to sell their home urgently while 46 percent had to sell their home in a some-what urgent or reasonable timeframe. This is mainly due to a fast moving market and the fact that most families prefer to get settled in
before the new school season starts.In many cases, families are looking to
move because their home is too small. Twenty-nine percent of families with chil-dren under the age of 18 cited upsizing as the main reason for selling. “Neighborhood choice is another factor: 50 percent of fami-lies cited the quality of the school district as a reason for buying their home, and 43 per-cent decided upon their home because of its convenience to schools,” said Hage.
The type of home purchased by families tends to differ from those without kids at home as well. The typical home of families with children under the age of 18 is a 2,100-square-foot, 4 bedroom and 2 full bathroom detached single-family house.
In citing the characteristics of families with children who are buying or selling a home, it is no surprise that they fi nd them-selves in need of a real estate professional to help with the buying and selling process.
———If you are interested in selling or buying
a home, visit our website, www.cortlandmls.com to fi nd a local Realtora member of the National Association of Realtors.
2A — Cortland Standard, � ursday, September 15, 2016 Real Estate
Better BankingIs Right
Around the Corner
CORTLAND DRYDEN 853 Route 13 7 West Main St. Across from 120 North St. Cortlandville Mall 753-0392 844-8141
When it comes to �nding a banking partner, the First National Bank of Dryden is like a friendly neighbor. We’re a familiar face close by whenever you need us.
Safe, Secure, Locally Owned.
HOMER
37 N. MAIN ST.4 Bedrooms/1.5 BathsGorgeous HW �oors
Spacious rooms$98,300 MLS# S361127Rose “Marie” Ferro, Slsp.,
c. 423-0888
HOMER HOMER
401 CORTLAND RD.3 Bedrooms/2 Baths
Everything new!HW �oors, natural wood$179,700 MLS# S358729Michael “Mike” Gibbons, Slsp.,
c. 222-5537
DRYDEN HOMER
5063 ROUTE 113 Bedrooms
Spacious open kitchenPartially covered deck
$69,900 MLS# S357043Deanna Daley, Slsp.,
c. 345-7036
HOMER
6563 GLEN HAVEN RD.3 Bedroom Ranch
Shiny HW �oors throughout1st �oor laundry
$139,900 MLS# S361399Rose “Marie” Ferro, Slsp.,
c. 423-0888
SCOTT HOMER
14 WILLIAM ST.4 Bedrooms/2.5 Baths
Beautiful updated kitchenTwo 3 season rooms
2nd �oor laundry$167,900 MLS# S360766
John Aspinwall, Slsp.,c. 745-5407
CORTLANDHOMER
26 STEWART PL.3 BedroomsImmaculate!
Updated kitchen/bath$79,900 MLS# S361386Rose “Marie” Ferro, Slsp.,
c. 423-0888
CORTLAND
43 MORNINGSIDE DR.4 Bedrooms/2.5 BathsHW �oors, new kitchen
Huge FR w/�replace$169,900 MLS# S356143Jerry Hartnett, Assoc. Brkr.,
c. 423-4278
CORTLAND
49 CHURCH ST.4 Bedrooms/2.5 BathsHW �oors, new kitchen
2 story 2 car garage$184,900 MLS# S353242Michael “Mike” Gibbons, Slsp.,
c. 222-5537
MORAVIA
Team Hage ~ WhereKnowledge and Experience Count
andResults Matter
We’re Sold on Cortland County!For full details on these properties and other available ones visit
www.hagerealestate.com 4070 West Rd. (Rte. 281)
Cortland, NY 13045 607-753-6766
HOMER
3953 N. TOWER RD.3 Bedrooms/1.5 Baths
Gorgeous country settingDeck and gazebo
$119,900 MLS# S352264John Aspinwall, Slsp.,
c. 745-5407
SOLON
913 BRIARWOOD RD.4-5Bedrooms/3.5 Baths
Wooded corner lot2 acres of privacyFinished basement
$278,800 MLS# S360426Rose “Marie” Ferro, Slsp.,
c. 423-0888
HOMER HOMER
29 PEARNE AVE.4 Bedrooms/2 BathsGreat starter homeClose to downtown
$59,900 MLS# S354746John Aspinwall, Slsp.,
c. 745-5407
CORTLAND
55 RIVER ST.2 UNITS -Separate utilities
3 Bedroom/2 BedroomInvestment or owner occupied$54,900 MLS# S348609
Deanna Daley, Slsp.,c. 345-7036
HOMER HOMER
755 UTICA ST.4 Bedrooms
HW �oors, big FRLarge backyard
$69,900 MLS# S355576Michael “Mike” Gibbons, Slsp.,
c. 222-5537
DeRUYTER
114 ELM ST.COMMERCIALPossible lease
Bar and 2 apartmentsCall for details
$125,000 MLS# S357560Jerry Hartnett, Assoc. Brkr.,
c. 423-4278
CORTLAND HOMER
2806 HOXIE GORGE RD.2 Bedrooms
Large LR w/FPBig deck overlooking stream$120,000 MLS# S353486
Deanna Daley, Slsp.,c. 345-7036
MARATHON
149 TOMPKINS ST.3 Bedrooms/1.25 Baths
Great vintage homeLarge rooms, HW �oors
Prime location!$94,500 MLS# S353196Sean Mack, Assoc. Brkr.,
c. 745-0200
CORTLAND
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Heritage Featured Property
4627 Briarmeadow Rd., Homer. $339,900. Full of natural light, this Colonial style home features 5 acres, well landscaped, partially wooded, views, private setting, close to shopping and easy commute to Ithaca or Syracuse. Enjoy the pool and 2 tiered deck constructed of no maintenance TREX decking, 1st �oor has laundry, 1st �oor BR and full bath, could be used as a guest suite or office. Bright, eat-in kitchen with newer high end appliances plus formal LR, DR and large FR, 2 story foyer leads you to the 2nd �oor with all 4BR featuring walk-in closets, HW �oors and AC. Studio space, storage and full walk-out basement. MLS# S349741. Call Corrie Oustad, Associate Broker, 607-745-0718, at Heritage Realty. For this listing and more visit www.hometoheritage.com or call Heritage Realty, 607-428-0708.
Moving with kids:Families rely on realtors
If it’s happening in YOUR community
it’s in theCortlandStandard.
By DANA DRATCHBankrate.com
(TNS)Before you jump into the
wonderful world of homeown-ership, learn about credit score requirements, mortgage options and other essential parts of the process as a fi rst step.
Whether you are a fi rst-time buyer or an experienced owner, buying a house requires a “pre-fl ight check,” in the words of Barry Zigas, director of housing policy for the Consumer Federa-tion of America.
Read on for Bankrate’s 6-item checklist, including tips on the types of savings you need plus advice about what matters be-yond purchasing a home at its resale value.
STRENGTHEN YOUR CREDIT SCORE“It’s a brave, new world with
respect to credit requirements for mortgages,” says John Ul-zheimer, president of The Ul-zheimer Group and a nationally recognized credit expert.
One old rule still applies: The higher your credit score, the lower your monthly payments.
“Below 660 or 680, you’re ei-ther going to have to pay sizable fees or a higher down payment,” Zigas says.
Vicki Bott, a former offi cial at the U.S. Department of Housing and Urban Development, says
that her offi ce noticed much the same thing. “While there are many qualifi ed borrowers in the 580 range, the market today is probably (looking for) 640 to 660, at a minimum,” Bott says.
On the other end, a score of 700 to 720 will get you a good deal, and 750 and above will garner the best rates on the market.
Improve your chances by: pulling your credit reports and ensuring you’re not being un-fairly penalized for old, paid or settled debts, Zigas says.
Stop applying for new credit a year before you apply for fi nanc-ing. And keep the moratorium in place until after you close on your home, Ulzheimer says.
FIGURE OUT WHAT YOU CAN AFFORD
There are various rules of thumb that will help you get an idea of how much home you can afford. If you’re using Fed-eral Housing Administration fi nancing, your home payment can’t exceed 31 percent of your monthly income. But with some mitigating factors, the FHA will let you go higher.
For conventional loans, a safe formula is that home expenses should not exceed 28 percent of your gross monthly income, says Susan Tiffany, retired director of personal fi nance publications for adults for the Credit Union
National Association.Improve your chances by:
trying on that fi nancial obliga-tion long before you sign the mortgage papers, says Tiffany. Before you home shop, calcu-late the mortgage payment for the home in your intended price range, along with the increased expenses. Then bank the dif-ference between that and what you’re paying now.
SAVE FOR DOWN PAY-MENT,
CLOSING COSTSDepending on your credit
and fi nancing, you’ll typically need to save enough money for a down payment — somewhere between 3 percent and 20 per-cent of the home’s price.
To get an FHA loan, you need a credit score of 580 or higher.
One exception: Veterans Af-fairs loans, which require no down payment.
Another cash expense: clos-ing costs. Whatever your loan source, you’ll also need mon-ey to pay closing costs. For a $200,000 mortgage, clos-ing costs run (depending on where you live) from $2,300 to $4,000.
Improve your chances by: banking your own money and seeking down payment assis-tance, Tiffany says. Often it’s location-based or tagged to a certain type of buyer, like fi rst-
timers, she says. Search online with the city name, then the county name, along with word combinations such as “down payment assistance,” “fi rst-time homebuyers” and “homebuyer’s assistance.”
In a buyer’s market, you can also negotiate to have the sell-er pay a portion of the closing costs.
BUILD A HEALTHY SAVINGS ACCOUNT
Building your savings is something you should do over and above saving money for the down payment and closing. Your lender wants to see that you’re not living paycheck to paycheck. If you have three to fi ve months’ worth of mortgage payments set aside, that makes you a much better loan candidate.
That money will also help cover maintenance and repair issues that come up when you own a home. While repairs are sporadic, items such as a new roof, water heater or other big-ticket items can hit suddenly and hard.
Improve your chances by: set-ting aside money every month. A good rule of thumb: On average, you’ll spend 2.5 percent to 3 per-cent of your home’s value annu-ally on upkeep, repairs and main-tenance, says Joseph Gyourko,
6 must-do’s before buying a home
See HOME, page 4A
++
Cortland Standard, � ursday, September 15, 2016 — 3AReal Estate
The People’s Bank.www.ElmiraSavingsBank.com 1-888-372-9299 | 607-749-7251
Growing Family?It’s time you banked here.
Member FDIC Equal Housing Lender
Are you ready to buy or refinance a home? Everyday, local real estate professionals send their clients to us.
We take the time to learn your needs We will discuss your options Find the best mortgage program for you Make prequalification and mortgage decisions quickly
By JACK GUTTENTAGThe Mortgage Professor
(TNS)If you took out a mortgage with a 7.5 percent in-
terest rate in 1994 and still have it, refi nancing in a 3.5 percent market is a no-brainer; you don’t need much analysis to know that refi nancing into today’s rates will pay. The only possible reason a borrower would still hold such a mortgage is a marked dete-rioration in his credit, the value of his home or in his mental capacity.
If you took out a 5.5 percent mortgage in 2004, the case for refi nancing is not as strong but, bar-ring deterioration of the types mentioned above, it is strong enough to move with confi dence.
The challenging case is when your mortgage is at 4 percent and was taken out in 2014. This is a situa-tion where the rate reduction might or might not be large enough to offset the costs of the refi nance.
This article will explain the valid approach to answering that question and critique an invalid ap-proach used all too often by loan offi cers.
FACTORS THAT AFFECT THE PROFIT-ABILITY OF A REFINANCE
A refi nance pays if the sum of all the costs arising from the refi nance during the period you expect to have the mortgage is less than the sum of the costs of the old mortgage over the same period. Costs on only the new loan include points and other origi-nation charges paid at closing. Costs on both the new and existing mortgage include monthly pay-ments of principal and interest, mortgage insurance premiums if any, and lost interest on upfront and monthly costs. In both cases, tax savings and the reduction in loan balance must be deducted from total costs.
Yes, this is a formidable list, but I have made tackling it easy for you with a refi nance calculator on my website. It’s calculator 3a Refi nancing One FRM Into Another to Lower Net Cost. The calcula-tor will prompt you for all the required inputs and indicate why they are needed. This calculator as-
sumes that you have only one fi xed-rate mortgage that is refi nanced into another, and that you don’t take any cash out of the transaction. Other refi nance calculators are available for borrowers who have an adjustable rate mortgage, or a second mortgage, or want cash from the transaction. See Find a Refi -nance Calculator.
Calculator 3a indicates that the borrower with a 4 percent 30-year mortgage he’s held for three years would benefi t by refi nancing it into a new 3.25 percent loan, and benefi t even more by select-ing a 15-year mortgage at 2.5 percent. With a loan balance of $360,000, the savings over 10 years would be about $17,000 on refi nancing into a new 30-year, and about $49,000 when the new loan is for 15 years.
DON’T BE LED ASTRAY BY A SPURIOUS ‘BREAK-EVEN PERIOD’
Another approach to whether or not you will save on a refi nance is to calculate a break-even period _ the period over which costs of the old loan and the new loan are equal. The larger the spread between the new interest rate and the rate on your existing loan, and the smaller the cost of the new loan, the shorter the break-even period. If you are confi dent that you will have the new mortgage longer than the break-even period, you will benefi t from the re-fi nance. Calculator 3a shows the breakeven period, in addition to the cost comparison over the period you specify.
But beware! The break-even period is not the cost of the new loan divided by the reduction in
the monthly mortgage payment. Many loan offi cers use this rule of thumb, which completely ignores how rapidly you pay off the new loan as opposed to the old one. Borrowers following this rule would never refi nance into a shorter term loan because of the increase in payment, although the total ben-efi t including the pay-down of the loan balance is substantially greater on refi nancing into a 15-year loan, as indicated above. The rule of thumb does not work for any borrower who is concerned with how long they have to pay, which should be every borrower.COMBINING THE REFINANCE ANALYSIS
WITH MORTGAGE SHOPPINGThe answers generated by refi nance calculators
are no better than the current mortgage prices the user must enter to make the calculators work. The calculators on my website were developed at a time when users were on their own in fi nding the prices at which they could borrow in the current market. But that is no longer the case. You can now price shop and assess whether a refi nance will pay in a single operation on my site.
Follow the Refi nance Mortgage Shoppers path, which at step 2 will give you an input form that includes all the factors that affect your mortgage price in today’s market, and also includes infor-mation about your current mortgage. The program will show the costs over the period you stipulate, using the best prices quoted by the lenders who re-port their prices to my site, on all the new loans for which you qualify, and also for your existing mortgage if you retain it. You can thus shop for the best terms on a new loan, and you can select the new loan type that generates the largest saving over your current loan.
———ABOUT THE WRITER
Jack Guttentag is professor emeritus of fi nance at the Wharton School of the University of Pennsyl-vania. Comments and questions can be left at www.mtgprofessor.com.
How to tell if refi nancing a mortgage will pay off
Metro Creative
Tribune News ServiceQ: Five years ago, we convert-
ed our garage to living space. We pulled the proper permits and had the city’s written approval. About a month ago, we received a letter from code enforcement warning us about our “illegal” garage conversion and threaten-ing a fi ne. When we spoke to the city, we were told that the con-version should never have been approved and that we needed to remove it or face considerable penalties. What are my rights?
— MauriceA: Unfortunately, the law is
against you. It certainly doesn’t seem fair that you did everything that you were supposed to for the renovation and now will have the additional expense of undoing all of that work. The law is clear that if the city approved the work in violation of its code, it can void the approval to correct its mistake.
There are some things you should try to do before you start the demolition, though. Check to make sure that the conversion is actually against the rules. Careful-ly check the relevant code section, or hire someone who can. If your renovation is indeed against the rules, try to work with the city to see if modifi cations can be made to bring it in compliance. Consider-ing the circumstances, maybe you can apply for a variance, which is an exception to the rules.
Finally, keep in mind that every situation is different, and you may have a legal defense or a right to be compensated for the city’s error. While this is a long shot, you should speak with a lawyer before grabbing that sledgehammer.
Homeowner pays for
city’s error
By KAREN M. KROLLBankrate.com
(TNS)A recent change added two
steps to the process of obtaining a reverse mortgage. The goal is to reduce defaults on reverse mortgages by making certain that borrowers can pay property taxes or home insurance.
STEPS TO DETERMINE REVERSE MORTGAGE
ELIGIBILITY Do an assessment of your
fi nances, specifi cally your credit history and income. Set aside part of the mort-
gage proceeds, based on the re-sults of the fi nancial assessment, to help cover estimated tax and insurance payments over the ex-pected life of the youngest bor-rower.
DECREASING THE DEFAULT RATE
These requirements are the latest in a series of changes in-
tended to decrease the default rate on reverse mortgages. In 2014, about 12 percent of re-verse mortgages were in tech-nical default, says Stephanie Moulton, associate professor at the John Glenn College of Public Affairs at Ohio State University. That is, the borrowers hadn’t paid taxes or insurance or both. On top of this, these borrowers had no proceeds remaining from their reverse mortgages.
What’s more, the percentage in default had actually increased from 2012, when it stood at 9.4 percent, according to a report by the Consumer Financial Protec-tion Bureau.
In comparison, the delin-quency rate for single-family residential forward mortgages — the mortgages most people use to buy homes — was 10 per-cent at the end of 2012 and had fallen to 6.6 percent two years later, according to the Federal
Reserve.A July 2016 study from the
Center for Retirement Research at Boston College concluded that the new rules could cut the reverse mortgage default rate by as much as half.
ENSURING FINANCIAL STABILITY
Not every reverse mortgage in technical default will pro-ceed to foreclosure, Moulton says. Lenders often work with borrowers to “cure” the default. About half are successful, she says.
Even so, the relatively high rate of technical defaults is a concern. Most reverse mortgag-es are federally insured through the Department of Housing and Urban Development, or HUD.
“Are these reverse mortgage borrowers struggling to maintain fi nancial stability?” Moulton
What the reverse mortgage fi nancial assessment means
See REVERSE, page 4A
4A — Cortland Standard, � ursday, September 15, 2016 Real Estate
Home is where the heart is.
Triphammer
Meet our team
Martha Preston
[email protected] (607) 257-3282 x3410
East HillKimberly Rozell
[email protected] (607) 257-3282 x3610
1030 Craft RdKate Heptig(607) 257-3282 x3257
Nicole CottoneNicole CottoneNicole Cottone
[email protected](607) 756-6968
Seneca Way Missy Park
[email protected](607) 592-5295
NMLS #299582Federally insured by NCUA
Port Watson & Route 281
That’s why at CFCU Community Credit Union we want to help you financethe home that’s right for you, with the mortgage that best fits your needs.
More about our mortgage team at mycfcu.com/team
CFCU offers a wide variety of mortgage productsfrom Construction Loans, to mortgages designedspecifically for US Veterans, to our ever popular
No Closing Cost Mortgage, with the optionto choose fixed or adjustable rates.
Find the mortgage that’s best for you!
CommunityCredit Union
No Closing Cost Rates as low as:
*APR = Annual Percentage Rate. Rates quoted “as low as” are subject to change without notice. Actual loan rate will be determined by credit history and otherloan factors. To earn the special rate, you must have or open a Premiere Checking account with autopay and 100% Payroll Direct Deposit. No closing cost with 3-year
recapture. Please contact the Credit Union to obtain a list of closing costs that are covered by this program. Monthly payment per $1,000 borrowed at 2.75% APR for 15 years is $6.79. Monthly payment per $1,000 borrowed at 3.50% APR for 30 years is $4.49. Payment amounts do not include taxes and insurance.
15 year fixed purchase or refinance 2.75
3.50%APR*
30 year fixed purchase or refinance
%APR*
For Photos and Full Listing Details Visit www.hometoheritage.com
www.hometoheritage.com7 James Street
Homer, NY607.428.0708
www.hometoheritage.com
DanaDeckerPrincipal
Broker , GRI(c) 607
423-4719
CorrieOustadAssociate
Broker (c) 607
745-0718
RosemaryTaboneAssociate
Broker,CBR
(c) 607423-1068
Sally Brown Kurtz
Associate Broker,
CBR, GRI (c) 607
345-5353
DiannPotter Associate
Broker, CBR
(c) 607745-1520
MarindaMeyers
R.E.Salesperson
(c) 607591-7824
JoanneSweeney
Associate Broker (c) 607
423-5623
GuguPinckney
R.E. Salesperson
(c) 607345-4697
MichelleReynolds
R.E.Salesperson
(c) 315559-7737
84 Cortland St., Homer$299,900
CommercialCall Susan Briggs
MLS# S3426924627 Briarmeadow Rd., Homer
$339,9005-Bedrooms/3-Bathrooms
Call Corrie Oustad
MLS# S349741
872 State Rt. 41, Spafford $108,000
4-Bedrooms/1-BathroomCall Sally Brown Kurtz
MLS# S353986
2094 Maxfield Rd., Homer$219,900
3-Bedrooms/2.5-BathroomsCall Dana Decker
MLS# S3320522789 State Rt. 26, Cincinnatus
$264,9995-Bedrooms/4-Bathrooms
Call Susan Briggs
MLS# S3417195963 New Hope Rd., Niles
$175,000Commercial
Call Dana Decker
MLS# S3534955625 State Rt. 41, Homer
$168,9004-Bedrooms/1.5-BathroomsCall Joanne M. Sweeney
MLS# S0001176
4641 Briarmeadow Rd., Homer$159,900
4-Bedrooms/2-BathroomsCall Corrie Oustad
MLS# S360645
3840 Highland Rd., Cortlandville$184,900
5-Bedrooms/3-BathroomsCall Marinda Meyers
MLS# S353566
829 N. Lamont Dr., Cortlandville$139,900
4-Bedrooms/2-BathroomsCall Susan Briggs
MLS# S360601
SusanBriggs Associate
Broker, (c) 607
745-3355
46 E. Main St., McGraw$99,000
4-Bedrooms/1-BathroomCall Dana Decker
MLS# S3588612059 South Hill Rd., Virgil
$89,9002-Bedrooms/1-Bathroom
Call Susan Briggs
MLS# S357327
114 Broadway Ave., Cortland $119,900
3-Bedrooms/1-BathroomCall Joanne M. Sweeney
MLS# S356900
21 Sunnyfield Dr., Cortland$94,900
3-Bedrooms/1-BathroomCall Diann Potter
MLS# S361324
6089 State Rt. 80, Tully $107,500
3-Bedrooms/2-BathroomsCall Sally Brown Kurtz
MLS# S35841827 Van Hoesen St., Cortland
$109,9003-Bedrooms/1.5-Bathrooms
Call Dana Decker
MLS# S360302
7484 US Route 11, Preble$188,900
6-Bedrooms/1.5-BathroomsCall Joanne M. Sweeney
MLS# S359004
2263 E. River Rd., Homer $119,900
4-Bedrooms/2.5-BathroomsCall Corrie Oustad
MLS# S3581253 Kennedy Pkwy., Cortland
$144,9003-Bedrooms/2-Bathrooms
Call Corrie Oustad
MLS# S359054
25 East Ave., Cortland$79,900
2-Bedrooms/1-BathroomCall Joanne M. Sweeney
MLS# S358713
KaitlynBerry
R.E.Salesperson
(c) 607745-8767
PRICE
REDUCED
Yaman Featured Property
77-79 Port Watson St., Cortland. Beautiful owner-occupied, MULTI-FAMILY 1BR down w/great open space. Includes large kitchen w/eating area, formal dining and huge living room. Beautiful hardwood �oors. Covered front porch and back deck. Large upper unit w/3BR/2 full BA. Access to porch. Washer, dryer and utilities included in rent. 3rd unit over garage w/2BR, DR and LR, separate utilities. Washer/dryer hookups. New boiler and hot water heater. Partially �nished attic could be used for extra living space or storage. House once used as single family and could be easily converted back. MLS# S356887. New Price $228,000. Call Kathie Wilcox, Associate Broker, (607) 423-2638.
Hage Featured Property
NEW LISTING! Lovely 3BR Ranch Minutes from Skaneateles Lake! So much to love, including gleaming HW �oors, spacious open kitchen/DR, 1st �oor laundry, 2 car garage, covered patio overlook-ing private yard, beautiful landscaping and more, on over half an acre. Great condition - great country setting - won’t last! $139,900 ~ MLS# S361399. 6563 Glen Haven Rd. ~ Scott. Call Rose “Marie” Ferro, Lic. RE Slsp., c. 607-423-0888, Hage Real Estate. For this listing and others visit www.hagerealestate.com or call 607-753-6766.
RealtyUSA Featured Property
DREAMING OF A PRIVATE RETREAT? 6082 & 6084 Melody Lake Rd., Willet. This hidden gem, Melody Lake is an approxi-mately 50 acre, private lake in southeastern Cortland County. And, this beautiful collage, sits on a double lot (separate tax parcels), right on the corner of the lake and the inlet! Enjoy time with family and friends in this well-maintained 1985 cottage with a new roof and a partially enclosed porch to enjoy lake living. MLS #306816/S357258. $149,900. Call RealtyUSA at 607-257-0800.
professor of real estate at the Wharton School of the Univer-sity of Pennsylvania. If you’re buying a $250,000 home, aim to save $520 to $625 per month.
GET PREAPPROVED FOR A MORTGAGE
For serious home shoppers, “the No. 1 thing is they better have everything in order,” says Dick Gaylord, broker with Re/Max Real Estate Specialists in Long Beach, Calif., and former president of the National Asso-ciation of Realtors. That means that, before the real home shop-ping begins, you want to get fi -nancing in place, he says.
“That documentation around income and assets is very es-sential, more so than in the last 5 years,” Bott says.
Improve your chances by: getting fi nancing in place “be-fore you walk through the fi rst house,” Gaylord says. Otherwise, he asks, “How do you know how much you can afford?”
BUY A HOUSE YOU LIKEIf you’re buying today for
yourself and your family, you want a home that will make you happy for the next few years.
You can’t always count on a quick sale. And depending on how much you put down, and how much you have to shell out to sell and relocate, short-term ownership can be a pretty ex-pensive proposition.
Improve your chances by: stepping back, Gyourko says, and making certain “you like the house.”
———ABOUT THE WRITER
Dana Dratch writes for Bank-rate. Visit Bankrate online at www.bankrate.com.
———(c)2016 Bankrate.comDistributed by Tribune Con-
tent Agency, LLC.
HOMEcontinued from page 2A
asks. After all, reverse mortgag-es are intended to improve bor-rowers’ fi nancial stability.
HUD has implemented a number of changes intended to improve and strengthen its re-verse mortgage program over the past few years, such as limit-ing the portion of loan proceeds that could be disbursed at clos-ing and over the fi rst year of the loan.
The changes requiring the fi nancial assessment and set-asides cover reverse mortgages issued on or after April 27, 2015.
THE FINANCIAL ASSESSMENT
Each fi nancial assessment includes an analysis of the bor-rower’s credit history, with spe-cial attention given to any fore-closures, defaults, late mortgage payments and late payments for property charges.
Research has shown prospec-tive borrowers’ credit scores are “huge predictors” of their likeli-hood to default on reverse mort-gages, Moulton says.
WHAT IS RESIDUAL INCOME?
It’s the amount of money the homeowner has after paying
debts and personal expenses. The lender assesses whether there is enough of this money — residual income — to pay for property taxes and insurance.
Part of the assessment is an analysis of a borrower’s cash fl ow and residual income, since the borrower still owns the home and will be responsible for paying taxes, insurance and other housing-related expenses. The assessment helps “to en-sure someone can maintain the obligations of the loan,” says Amy Ford, director of home eq-uity initiatives with the National Council on Aging, which pro-vides counseling to prospective reverse mortgage borrowers.
This analysis looks at in-come from employment, self-employment, Social Security, alimony, child support, military income, pensions and retirement accounts, among other sources. If the lender determines the borrower isn’t willing or able to make tax and insurance pay-ments, then a portion of the mort-gage proceeds will be set aside to cover these future costs.
SET-ASIDESCalculating the life-expectan-
cy set-aside requires estimating how much the cumulative prop-erty taxes and insurance will cost
during the life of the youngest borrower. Property and fl ood in-surance premiums are included.
The sum could be large enough that the reverse mortgage no lon-ger makes sense, says Richard Wills, CEO at Retirement Life Funding in Silver Spring, Md.
Say a homeowner’s prop-erty taxes average $2,000 per year, and he or she is expected to live another 20 years. That could mean setting aside at least $40,000 from the proceeds of the reverse mortgage — and that’s before adjusting for any increas-es. In the end, it may no longer be a viable funding option.
PARTIALLY FUNDED SET-ASIDE
If the borrower has a clean credit history but doesn’t have enough income to make tax and insurance payments, it may be possible to do what’s known as a partially funded set-aside.
Still, the changes in the rules mean an estimated 10 percent-25 percent of potential borrow-ers will no longer qualify for re-verse mortgages, Wills says.
However, the regulations aren’t much different from the underwriting requirements in place for traditional mortgages, says Peter Bell, president of the National Reverse Mortgage
Lenders Association. The goal “is to avoid making loans to bor-rowers who have a high likeli-hood of failing.”
OPTIONS BESIDES REVERSE MORTGAGEIf a reverse mortgage isn’t
available, there could be other options to help seniors improve their fi nancial footing. Some cities reduce property taxes for seniors, the National Council on Aging’s Ford says.
In some families, a parent could sell the home to an adult child, who then would rent it back to the parent, says Bradley J. Frigon, an attorney in the Den-ver area and past president of the National Academy of Elder Law Attorneys.
Even for individuals still able to obtain reverse mortgages, the fi nancial assessment and set-aside requirements likely will lengthen the time between ap-plication and settlement, Wills says.
But the idea of conducting a fi nancial analysis of prospec-tive borrowers and requiring set-asides for those at higher risk of default are steps many have said were needed, Moulton says. “These are common-sense changes for a viable reverse mortgage market.”
REVERSEcontinued from page 3A
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